Renting vs. Owning in Hermitage: What You’ll Pay
When deciding between renting an apartment or buying a house in Hermitage, TN, it’s important to consider the full cost of living. Renting a 2BR apartment in Hermitage typically costs around $1,400 per month, while a 3BR house may cost closer to $2,200 per month. The average rent for a 3BR house in Hermitage is $2,150 per month.
The cost of renting a 3BR house in Hermitage has increased by about 6% over the last year, with more affordable options available in neighborhoods like Priest Lake and Chandler Acres. For those looking to buy, the median home price in Hermitage is around $415,000 as of 2023, with a typical mortgage payment of $2,450 per month (assuming 20% down).
Cost Comparison: Apartment vs House in Hermitage
Here’s a side-by-side breakdown of common monthly costs in Hermitage:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage* | $1,400 | $2,450 |
| Utilities | $180 | $320 |
| Internet | $65 | $75 |
| Insurance | $15 | $120 |
| Maintenance | $0 | $200 |
| HOA | $0 | $50 |
| Total | $1,660 | $3,215 |
*Mortgage assumes 20% down. Estimates are for mid-range units with typical usage.
Utility and Upkeep Differences
In addition to higher base rent or mortgage costs, houses in Hermitage also come with increased utility and maintenance expenses compared to apartments:
- Water/Sewer: Houses use 30-40% more water on average due to outdoor use. Expect to pay around $80/month in a house vs. $50 in an apartment.
- Electricity: Cooling a larger space means 20-30% higher electric bills during Tennessee summers. Budget $180/month for a house compared to $120 for an apartment.
- Yard Care: Whether you DIY or hire a service, plan to spend $50-100 per month maintaining a yard. Apartments include landscaping in rent.
- HVAC Maintenance: Annual tune-ups and repairs cost $200-400 per year in a house. Apartments handle HVAC centrally in most cases.
The age and size of the property also impact ongoing costs. Newer, energy-efficient houses may have lower utility bills, while older homes often need more upkeep. Similarly, compact apartments in dense areas like Hermitage’s Town Center tend to be more efficient than sprawling complexes.
Lifestyle Tradeoffs Between Apartments and Houses
Many Hermitage residents choose apartments for walkability and simplicity, while families often prefer houses for extra space and privacy. Apartments offer perks like gyms, pools, and social events, but may have stricter rules around pets, noise, and parking. Houses provide more freedom and customization, but also require hands-on upkeep and a longer commute in most cases.
Some may prefer the turnkey convenience of a modern apartment near shopping and dining, while others prioritize the elbow room and autonomy of a detached home. Young professionals often opt for central apartments to stay close to work and nightlife. Growing families frequently transition to houses for the yard space, garage storage, and top-rated Hermitage schools.
Ultimately, the decision depends on your budget, lifestyle, and long-term goals. Consult our Monthly Budget Examples for Hermitage Residents to determine how much you can comfortably spend on housing.
Which Is Cheaper Long Term: An Apartment or House in Hermitage?
While renting an apartment in Hermitage has a lower sticker price, buying a house can be more economical over time. Assuming a 2BR apartment rent of $1,400 and 5% annual increases, you’d pay over $96,000 in rent over a 5-year period. With a house, you’d build around $45,000 in equity over that same timeframe (after accounting for interest, taxes, and upkeep).
Of course, this depends on your down payment, mortgage rate, and home appreciation. And there are non-financial factors to weigh as well. But in general, if you plan to stay put for 3-5+ years, buying a home in Hermitage can be a smart financial move. Work with a local lender to evaluate your options.
FAQs About the Cost of Living in Hermitage
How much more does a house cost than an apartment per month in Hermitage?
On average, expect to pay about $800-1,000 more per month for a house compared to an apartment, factoring in higher rent/mortgage, utilities, and maintenance.
Do houses always have higher utility bills than apartments?
In most cases, yes. Houses are larger, less efficient, and often located in more spread-out areas. But utility costs ultimately depend on the age, size, and location of the property.
Is renting an apartment still cheaper even with pet fees?
Typically, yes. Pet fees may add $25-50 per month, but that’s still less than the added costs of owning a home. And many Hermitage apartments have dog parks and pet amenities included.
For more info, read our guide on Understanding Property Tax and HOA Fees in Hermitage.
Making the Right Housing Choice in Hermitage
When comparing the cost of living in an apartment vs. a house in Hermitage, TN, houses are around 40-50% more expensive per month. But they also offer more space, privacy, and long-term financial benefits. Apartments provide flexibility, convenience, and included amenities for a lower upfront cost.
Weigh the total monthly costs as well as the lifestyle factors that matter most to you. Whether you rent or buy, you can find comfortable, affordable housing options in welcoming Hermitage neighborhoods. Explore our other articles for more tips on budgeting for rent, saving on utilities, and making the most of life in Hermitage.